中化国际更新点评：节能降碳先锋，央企新材料典范

Investment Rating - The investment rating for the company has been adjusted to "Accumulate" due to a significant decline in profitability of basic chemical products, with revised net profit forecasts for 2024-2026 being 229 million, 506 million, and 796 million yuan respectively [1] Core Views - The report highlights that the company's net profit for 2024 is expected to increase by 112.4% year-on-year, while the profit for 2025 is projected to grow by 120.7% [1][3] - The company is focusing on sustainable development goals, with a significant increase in the production of sustainable products and a commitment to reducing energy consumption and carbon emissions [12] - The company aims to enhance its position in the new materials sector, particularly in the production of aramid fibers and lithium battery materials, which are expected to contribute to future growth [12][14] Financial Summary - The company's revenue for 2024 is projected to be 63.06 billion yuan, reflecting a year-on-year growth of 16.2%, while the revenue for 2025 and 2026 is expected to be 65.24 billion and 66.07 billion yuan respectively [3] - The gross profit margin is expected to improve from 4.7% in 2023 to 5.7% in 2024, reaching 6.2% in 2025 and 6.7% in 2026 [3] - The company's return on equity (ROE) is forecasted to recover from -11.9% in 2023 to 1.4% in 2024, and further to 3.1% and 4.6% in 2025 and 2026 respectively [3]